Craig Hallum upgraded shares of 8X8 (NYSE:EGHT – Get Rating) from a hold rating to a buy rating in a report issued on Friday, MarketBeat.com reports.
A number of other equities analysts have also weighed in on the company. MKM Partners began coverage on 8X8 in a research report on Thursday, August 4th. They issued a neutral rating and a $5.50 target price for the company. Wells Fargo & Company decreased their target price on 8X8 from $8.00 to $5.00 and set an underweight rating for the company in a research report on Thursday, July 28th. Bank of America decreased their target price on 8X8 from $10.00 to $7.00 and set a neutral rating for the company in a research report on Thursday, July 28th. BTIG Research lowered shares of 8X8 from a buy rating to a neutral rating in a research report on Thursday, July 28th. Finally, Oppenheimer lowered shares of 8X8 from an outperform rating to a market perform rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $11.54.
Get 8X8 alerts:8X8 Price Performance
EGHT opened at $4.95 on Friday. The stock has a 50-day moving average price of $5.59 and a 200-day moving average price of $9.39. The company has a debt-to-equity ratio of 3.76, a current ratio of 3.03 and a quick ratio of 3.03. The firm has a market cap of $593.83 million, a PE ratio of -3.13 and a beta of 1.10. 8X8 has a 1 year low of $4.22 and a 1 year high of $25.99.
8X8 (NYSE:EGHT – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The technology company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.06. 8X8 had a negative return on equity of 96.59% and a negative net margin of 29.07%. The firm had revenue of $187.60 million during the quarter, compared to analyst estimates of $186.79 million. During the same quarter in the previous year, the firm earned ($0.34) EPS. 8X8's quarterly revenue was up 26.5% compared to the same quarter last year. Sell-side analysts predict that 8X8 will post -1.24 earnings per share for the current fiscal year.Insider Activity at 8X8
In other news, CEO David Sipes sold 13,915 shares of the stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $7.94, for a total transaction of $110,485.10. Following the completion of the transaction, the chief executive officer now directly owns 553,117 shares of the company's stock, valued at approximately $4,391,748.98. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other 8X8 news, CFO Samuel C. Wilson sold 7,064 shares of 8X8 stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $7.94, for a total value of $56,088.16. Following the completion of the transaction, the chief financial officer now directly owns 220,646 shares in the company, valued at $1,751,929.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David Sipes sold 13,915 shares of the business's stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $7.94, for a total value of $110,485.10. Following the sale, the chief executive officer now directly owns 553,117 shares in the company, valued at approximately $4,391,748.98. The disclosure for this sale can be found here. Insiders sold a total of 171,551 shares of company stock valued at $1,031,834 in the last three months. 2.20% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On 8X8
Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of 8X8 by 14.8% during the first quarter. Vanguard Group Inc. now owns 14,379,535 shares of the technology company's stock valued at $181,039,000 after buying an additional 1,851,380 shares during the last quarter. Sylebra Capital Ltd grew its stake in shares of 8X8 by 1.3% during the first quarter. Sylebra Capital Ltd now owns 14,003,203 shares of the technology company's stock valued at $176,300,000 after purchasing an additional 178,100 shares during the last quarter. Archon Capital Management LLC grew its stake in shares of 8X8 by 15.1% during the first quarter. Archon Capital Management LLC now owns 2,818,301 shares of the technology company's stock valued at $35,482,000 after purchasing an additional 369,238 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in 8X8 by 5.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,663,447 shares of the technology company's stock valued at $44,639,000 after acquiring an additional 134,761 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in 8X8 by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,848,395 shares of the technology company's stock valued at $30,979,000 after acquiring an additional 43,729 shares during the last quarter. 92.72% of the stock is currently owned by hedge funds and other institutional investors.
8X8 Company Profile
(Get Rating)
8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. The company offers unified communications, team collaboration, video conferencing, contact center, data and analytics, communication APIs, and other services.
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